Posted on June 02, 2013 10:27:24 PM [ BusinessWorld Online ]
VISTA LAND & Lifescapes, Inc. may further increase its capital expenditure (capex) for this year as it eyes more residential and mall projects.
Senator Manuel B. Villar, Jr., founder of the listed property developer, said spending might be hiked to P20 billion.
Last year, Vista Land’s capex amounted to some P15 billion.
“[The] capex is P18.5 billion but we are prepared to spend more. We might spend P20 billion,” Mr. Villar said on the sidelines of the topping-off ceremony of Wil Tower Mall over the weekend.
Wil Tower Mall, a 3,000-square-meter, 42-storey mixed-use condominium development, is a Vista Land venture with actor Willy Revillame. The project, with 90% of units already sold, will open in 2015.
Mr. Villar said the capex increase comes as the company aims to launch 16 projects this year.
“We will open 12 new [Camella Homes] projects in the next two to three months,” he shared.
The new locations include Cotabato, Aklan, Roxas City and Sta. Maria in Bulacan. These add to the more than 60 Camella Homes projects nationwide.
Vista Land will also open four new malls this year, on top of its four existing ones, Mr. Villar said.
They will be built in Parañaque City, Antipolo City, Sta. Rosa in Laguna, and San Fernando in Pampanga.
“I think the market is very strong and the [real estate] industry is stronger than last year,” Mr. Villar said.
Under its long-term plan, Vista Land plans to build 50 malls in the next five to six years, he cited.
Vista Land’s net income rose by 29% to P1.34 billion in the first quarter from P1.04 billion in the same period last year. It was buoyed as revenues went up by 21% to P4.86 billion from P4.02 billion.
Shares of Vista Land added 16 centavos or 2.50% to close at P6.55 apiece on Friday. -- C. H. C. Venzon